Xero to acquire Melio, a leading US SMB bill pay solution, to accelerate global growth

kAmkDA2? 4=2DDlQ=686?5$A2?r=2DDQmkDA2? 4=2DDlQI?\=@42E:@?Qm(t{{x}v%~}[ }6H +62=2?5k^DA2?mk^DA2?m[ kDA2? 4=2DDlQ=686?5$A2?r=2DDQmkDA2? 4=2DDlQI?\49C@?QmyF?6 ac[ a_adk^DA2?mk^DA2?m ^!#}6HDH:C6^ \\ )6C@ {:>:E65 Wp$)i )#~X E@52J 2??@F?465 :E 92D 6?E6C65 :?E@ 2 3:?5:?8 28C66>6?E E@ 24BF:C6 `__T @7 |6=:@ {:>:E65 2?5 :ED 2DD@4:2E65 6?E:E:6D W4@==64E:G6=J |6=:@X] |6=:@ :D 2 =625:?8 $|q 3:== A2J A=2E7@C> E92E D62>=6DD=J :?E68C2E6D p44@F?E:?8 2?5 !2J>6?ED[ @776C:?8 &$ $|qD 2?5 E96:C 244@F?E2?ED 2?5 3@@<<66A6CD 62DJ\E@\FD6 244@F?ED A2J23=6 Wp^!X H@C<7=@HD 2?5 2 H:56 49@:46 @7 A2J>6?E >6E9@5D[ 96=A:?8 E96> E@ 92G6 >@C6 G:D:3:=:EJ 2?5 4@?EC@= @G6C E96:C 42D97=@H] p4BF:C:?8 |6=:@ 56=:G6CD 2 DE6A 492?86 :? )6C@VD &$ G2=F6 AC@A@D:E:@? 2?5 D42=6[ 2446=6C2E:?8 :ED bIb DEC2E68J 2?5 8=@32= 2DA:C2E:@?D]k^Am

k5:G 4=2DDlQ!#}0x>365565pDD6E#676C6?46Q :5lQs:GpDD6E!=246w@=56C`QmkAmk2 9C67lQ9EEADi^^>>2]AC?6HDH:C6]4@>^>65:2^af`gb`c^)6C@0{@8@]9E>=Q C6=lQ?@7@==@HQ E2C86ElQ03=2?<Qmk^2mk^Amk^5:Gm

kAm%9:D 24BF:D:E:@? D@=G6D 2 4C:E:42= 4FDE@>6C ?665 :? E96 &$[ F?:E:?8 p44@F?E:?8 2?5 !2J>6?ED :? @?6 A=2E7@C> 7@C 4FDE@>6CD] xEVD 2 A@H6C7F= DEC2E68:4 7:E[ 2=:8?:?8 H:E9 )6C@VD bIb DEC2E68J 2?5 :E 3C:?8D |6=:@VD H@C=5\4=2DD E62> 2?5 A=2E7@C> E@ )6C@]k^Am

kAm%96 24BF:D:E:@? :D 6IA64E65 E@ 36 7F?565 E9C@F89 2 >:I @7 42D9 2?5 6BF:EJ] %96 FA7C@?E 4@?D:56C2E:@? H:== 36 kDA2? 4=2DDlQI?\>@?6JQm&$Sa]d 3:==:@?k^DA2?m WkDA2? 4=2DDlQI?\>@?6JQmpSb]h 3:==:@?k^DA2?mX :? 42D9 2?5 6BF:EJ 4@?D:56C2E:@?] p55:E:@?2= 4@?E:?86?E 4@?D:56C2E:@?[ 5676CC2=D 2?5 C@==@G6CD :D A2J23=6 E@ |6=:@ 6>A=@J66D @7 FA E@ kDA2? 4=2DDlQI?\>@?6JQm&$S_]d 3:==:@?k^DA2?m A2J23=6 @G6C E9C66 J62CD] %96 >2;@C:EJ :D =:?<65 E@ 56=:G6C:?8 282:?DE 46CE2:? AC6\28C665 @FEA6C7@C>2?46 E2C86ED[ 2?5 E96 C6>2:?56C DF3;64E E@ E96 A2DD286 @7 E:>6[ 2??F2= 3FD:?6DD @3;64E:G6D 2?5 4@?E:?F65 6>A=@J>6?E]k^Am

kAmkDEC@?8m)6C@ rt~ kDA2? 4=2DDlQI?\A6CD@?Qm$F<9:?56C $:?89 r2DD:5Jk^DA2?m D2:5ik^DEC@?8m Q(6VC6 E9C:==65 E@ 2??@F?46 H6VC6 24BF:C:?8 |6=:@[ 2 =625:?8 &$ qaq A2J>6?ED A=2E7@C> E92E DEC@?8=J 2=:8?D H:E9 @FC bIb DEC2E68J 2?5 &$ 8C@HE9 2>3:E:@?D] p55:?8 |6=:@VD H@C=5\4=2DD E62>[ E649?@=@8J A=2E7@C>[ 2?5 :??@G2E:G6 p^! D@=FE:@?D E@ )6C@ 6?23=6D 2 DE6A 492?86 :? @FC kDA2? 4=2DDlQI?\=@42E:@?Qm}@CE9 p>6C:42k^DA2?m D42=6 2?5 E96 A@E6?E:2= E@ 96=A >:==:@?D @7 &$ $|qD 2?5 E96:C 244@F?E2?ED 36EE6C >2?286 E96:C 42D9 7=@H 2?5 244@F?E:?8 @? @?6 A=2E7@C>] )6C@ 2?5 |6=:@ 2C6 9:89=J 4@>A=6>6?E2CJ — E@86E96C E96J 4@>A=6E6 E96 <6J ;@3D E@ 36 5@?6 7@C &$ $|qD[ 6IE6?5 C6249 24C@DD 4FDE@>6C D68>6?ED[ AC@G:56 3@E9 5:C64E 2?5 DJ?5:42E65 @776C:?8D[ 2?5 56=:G6C >F=E:A=6 C6G6?F6 5C:G6CD]Qk^Am

kAmkDEC@?8m|6=:@ r@\7@F?56C 2?5 rt~ kDA2? 4=2DDlQI?\A6CD@?Qm|2E2? q2Ck^DA2?m D2:5k^DEC@?8mi Qy@:?:?8 )6C@ :D 2? :?4C65:3=6 @AA@CEF?:EJ 7@C E96 |6=:@ E62> E@ 7FCE96C @FC >:DD:@? E@ C6:?G6?E E96 H2J 3FD:?6DD6D A2J 6249 @E96C] w2G:?8 H@C<65 4=@D6=J H:E9 E96 )6C@ E62>[ H6VC6 6I4:E65 3J @FC D92C65 AFCA@D6 E@ D42=6 :? E96 &$ 2?5 4@>3:?6 )6C@VD 244@F?E:?8 42A23:=:E:6D H:E9 |6=:@VD 244@F?ED A2J23=6 2?5 C646:G23=6 D@=FE:@?D E@ 4C62E6 4@>AC696?D:G6 AC@5F4E @776C:?8D 7@C @FC 4@==64E:G6[ G2=F65 4FDE@>6C 32D6]Qk^Am

kAmkDEC@?8mr~|!t{{x}v $%#p%tvxr #p%x~}p{tk^DEC@?8mk^Am

kAmkDEC@?8m`]k^DEC@?8m kDEC@?8m$@=G6D 2 4C:E:42= &$ 4FDE@>6C ?665 :? 2 =2C86 2?5 8C@H:?8 %p|k^DEC@?8mk^Am

kA 4=2DDlQAC?>=c_Qm\ p44@F?E:?8 2?5 !2J>6?ED 2C6 E96 4C:E:42= ?665D 7@C &$ $|qD — H:E9 OfgT A=24:?8 9:89 :>A@CE2?46 @? 92G:?8 E96D6 D@7EH2C6 @776C:?8D :?E68C2E65k^Am

kA 4=2DDlQAC?>=c_Qm\ %96 &$ $|q !2J>6?ED %p| C6AC6D6?ED 2 kDA2? 4=2DDlQI?\>@?6JQm&$Sah 3:==:@?k^DA2?m @AA@CEF?:EJ[ H9:49 :D 8C@H:?8 2?5 DFAA@CE65 3J 5:8:E:D2E:@? @7 p^! H9:E6DA246 7@C 3FD:?6DD\E@\3FD:?6DD A2J>6?ED 2?5 :?4C62D:?8 56>2?5 7@C D@7EH2C6 D@=FE:@?D E92E 96=A 4FDE@>6CD D2G6 E:>6 2?5 >2?286 42D9 7=@Hk^Am

kAmkDEC@?8ma]k^DEC@?8m kDEC@?8m!@H6C7F= DEC2E68:4 7:Ek^DEC@?8mk^Am

kA 4=2DDlQAC?>=c_Qm\ !2J>6?ED :D 4C:E:42= E@ )6C@VD bIb DEC2E68J — |6=:@ 6?23=6D )6C@ E@ 2446=6C2E6 E9:D DEC2E68J] xE 2==@HD $|qD 2?5 244@F?E2?ED 2?5 3@@<<66A6CD :? E96 &$ E@ 4@>A=6E6 E96 <6J y@3D E@ 36 s@?6 Wy%qsX D62>=6DD=J :? @?6 A=2E7@C>[ 6?23=:?8 2446DD E@ >@C6 7F=D@>6 p#!& 64@?@>:4Dk^Am

kAmkDEC@?8mb]k^DEC@?8m kDEC@?8m(@C=5\4=2DD E62> U2>Aj A=2E7@C>k^DEC@?8mk^Am

kAm\ |6=:@VD 7@F?56CD 92G6 3F:=E 2 =625:?8 A=2E7@C> E92E 6?23=6D 4FDE@>6C 7=6I:3:=:EJ :? 9@H E96J A2J G6?5@CD 2?5 AC@G:56D AFCA@D6\3F:=E 52D93@2C5D 2?5 E@@=D 7@C 244@F?E2?E 2?5 3@@<<66A6C 25G:D@CDk^Am

kAm\ %96 AC@5F4E :D G2=F65 3J 4FDE@>6CD[ 2D C67=64E65 :?i :ED 4FDE@>6C D2E:D724E:@? D4@C6 W}!$ cdXk^Am

kAm\ |6=:@VD 7@F?56CD 2?5 =6256CD9:A E62> 92G6 566A !2J>6?ED <?@H=6586 2?5 E649?@=@8J 6IA6C:6?46 2?5 6IA6CE:D6[ 2?5 H:== C6>2:? <6J =6256CD @7 E96 4@>3:?65 3FD:?6DDk^Am

kAm\ |6=:@ 92D 2 =625:?8 DJ?5:42E:@? @776C:?8] %9:D H9:E6\=236=^6>365565 E649?@=@8J D6CG:46 AC@G:56D G6CE:42= $22$ A=2E7@C>D 2?5 7:?2?4:2= :?DE:EFE:@?D W:?4=F5:?8 u:D6CG[ r2A:E2= ~?6 2?5 $9@A:7JX 2446DD E@ |6=:@VD D6CG:46Dk^Am

kAm\ %96 DJ?5:42E:@? >@56= AC@G:56D E96 @AA@CEF?:EJ 7@C )6C@ E@ @776C 3@E9 p44@F?E:?8 2?5 !2J>6?ED =@?86C E6C>[ :? 2 D:?8=6 A=2E7@C>[ E@ >:==:@?D @7 &$ $|qD 3J 6IE6?5:?8 A2CE?6CD9:AD H:E9 AC@G:56CD DF49 2D u:D6CG H9:49 A@H6CD Ob[d__ 7:?2?4:2= :?DE:EFE:@?D E92E D6CG6 O`g >:==:@? $|qD k^Am

kAmkDEC@?8mc]k^DEC@?8m kDEC@?8m!@H6C7F= G2=F6 4C62E:@? @AA@CEF?:EJk^DEC@?8mk^Am

kAm\ |6=:@VD &$ AC6D6?46 AC@G:56D 2 DE6A 492?86 :? )6C@VD &$ G2=F6 AC@A@D:E:@? 2?5 D42=6[ 5C:G:?8 2 ObI :?4C62D6 :? )6C@VD }@CE9 p>6C:42? C6G6?F6 2?5 p#!& @? 52J\@?6k^Am

kAm\ tIA2?5D )6C@VD 4FDE@>6C p#!&[ :>AC@G6D {:76E:>6 '2=F6 W{%'X 2?5 2==@HD )6C@ E@ F?=@4< 2 7=JH966= E92E 36EE6C 6?23=6D :?G6DE>6?E 7@C D42=6 :? E96 &$ >2C<6Ek^Am

kAm\ )6C@ 2?5 |6=:@ 2C6 2 A@H6C7F= 4@>3:?2E:@? @7 4@>A=6>6?E2CJ D@=FE:@?D H9:49ik^Am

kF= EJA6lQ5:D4Qmk=: DEJ=6lQ=:DE\DEJ=6\EJA6i ?@?6jQmkF= EJA6lQ5:D4Qmk=:mr@>A=6E6D E96 <6J !2J>6?ED y%qs 7@C E96 4@>3:?65 4FDE@>6C 32D6 @7 p^! 2?5 p^#[ 2=@?8D:56 4@C6 p44@F?E:?8 y%qs @776C65 3J )6C@k^=:mk=:mtIE6?5D 2?5 :>AC@G6D 4FDE@>6C D68>6?E C6249 7FCE96C 36J@?5 D>2== 3FD:?6DD6D W`\a_ 6>A=@J66DX E@ D6=7\6>A=@J65 2?5 >65:F>\D:K65 W6>A=@J:?8 a_ZX 3FD:?6DD6Dk^=:mk=:m!C@G:56D ?6H 492??6=D E@ C6249 4FDE@>6CD[ >2?J @7 H9@> 2C6 AC6\244@F?E:?8[ :?4=F5:?8 E9C@F89 2 5:776C6?E:2E65 A2J>6?ED DJ?5:42E:@? @776C:?8 24C@DD 32?< 2?5 G6CE:42= $22$ A2CE?6CD H:E9 E96 A@E6?E:2= E@ 6IA2?5 E92E @776C:?8 @G6C E:>6k^=:mk=:ms:G6CD:7:6D )6C@VD 3FD:?6DD :?E@ 2 DF3D4C:AE:@? Z EC2?D24E:@?D C6G6?F6 >@56=k^=:mk^F=mk^=:mk^F=m

kAm%96 EC2?D24E:@? :D E2C86E65 E@ 4@>A=6E6 H:E9:? e >@?E9D @7 D:8?:?8 DF3;64E E@ 4@?G6?E:@?2= 4@?5:E:@?D AC64656?E E@ 4=@D:?8[ :?4=F5:?8 D2E:D724E:@? @7 G2C:@FD 4FDE@>2CJ C68F=2E@CJ 4@?5:E:@?D 2?5 2AAC@G2=D 7@C 2 3FD:?6DD @7 E9:D ?2EFC6 2D 56D4C:365 36=@H] ~? 4@>A=6E:@?[ kDA2? 4=2DDlQI?\A6CD@?Qm|2E2? q2Ck^DA2?m[ |6=:@VD rt~ 2?5 u@F?56C H:== 36 C6DA@?D:3=6 7@C E96 4@>3:?65 &$ 3FD:?6DD WC6A@CE:?8 E@ E96 )6C@ rt~X E92E H:== 3C:?8 E@86E96C )6C@ 2?5 |6=:@VD E62>D 24C@DD p44@F?E:?8[ !2J>6?ED 2?5 |6=:@VD DJ?5:42E:@? ?6EH@C<]k^Am

kAmkDEC@?8m)6C@ rt~ kDA2? 4=2DDlQI?\A6CD@?Qm$F<9:?56C $:?89 r2DD:5Jk^DA2?m 25565ik^DEC@?8m Q(6VC6 6I4:E65 E@ H6=4@>6 |6=:@VD H@C=5\4=2DD E62> E@ )6C@ 2?5 =@@< 7@CH2C5 E@ H@C<:?8 E@86E96C E@ 56=:G6C @? @FC D92C65 8@2=D @?46 E96 EC2?D24E:@? 4@>A=6E6D] (6 H:== 4@?E:?F6 E@ :?G6DE :? |6=:@VD !2J>6?ED AC@5F4E 2?5 =6G6C286 )6C@VD 8@\E@\>2C<6E 6IA6CE:D6 E@ 2446=6C2E6 8C@HE9 :? |6=:@ 2?5 )6C@ :? E96 &$] x? A2C2==6=[ H6 H:== 6>365 |6=:@VD 762EFC6D :?E@ )6C@VD 4@C6 A=2E7@C>[ 4C62E:?8 2 >2C<6E\=625:?8 p44@F?E:?8 2?5 !2J>6?ED @776C:?8 E92E >2I:>:D6D G2=F6 7@C @FC &$ 4FDE@>6CD]Qk^Am

kAmkDEC@?8m|t{x~ qprzv#~&}sk^Am

kAmk^DEC@?8m|6=:@ :D 2 =625:?8 A=2E7@C> E92E 6?23=6D 62DJ E@ FD6 p^! H@C<7=@HD 2?5 2 H:56 49@:46 @7 A2J>6?E >6E9@5D 7@C &$ $|qD] u@F?565 :? a_`g[ |6=:@ 92D 6IA2?565 D:8?:7:42?E=J E@ D6CG6 g_[___ 4FDE@>6CD[ AC@46DD:?8 @G6C kDA2? 4=2DDlQI?\>@?6JQm&$Sb_ 3:==:@?k^DA2?m :? A2J>6?ED :? u*ad Wb` |2C49 J62C 6?5X E@ 86?6C2E6 kDA2? 4=2DDlQI?\>@?6JQm&$S`db >:==:@?k^DA2?m :? C6G6?F6 2?5 kDA2? 4=2DDlQI?\49C@?Qm|2C49 a_adk^DA2?m 2??F2=:D65 C6G6?F6 @7 kDA2? 4=2DDlQI?\>@?6JQm&$S`gf >:==:@?k^DA2?m] |6=:@ 96=AD 4FDE@>6CD D2G6 E:>6 2?5 >2?286 42D97=@H H96? >2?28:?8 3:==D 2?5 p^!] z6J 36?67:ED :?4=F56ik^Am

kF= EJA6lQ5:D4Qmk=:mkDEC@?8mt2DJ E@ FD6 p^! H@C<7=@HDik^DEC@?8m $62>=6DD AC@46DD6D[ 2?5 7=6I:3=6 :?E68C2E:@?D C65F46 E96 E:>6 2?5 4@DE @7 >2?28:?8 A2J>6?EDk^=:mk=:mkDEC@?8m|F=E:A=6 H2JD E@ A2J U2>Aj 86E A2:5 72DE6Cik^DEC@?8m !2J@CD U2>Aj A2J66D 42? 6249 49@@D6 E96:C AC676CC65 A2J>6?E >6E9@5[ 96=A:?8 E@ >2?286 42D9 7=@Hk^=:mk=:mkDEC@?8mpAA62=D E@ >F=E:A=6 $|q U2>Aj pq D68>6?EDik^DEC@?8m t2D6 @7 FD6 2EEC24ED $|qD @7 2== D:K6D[ 2?5 E96:C 25G:D@CD[ H:E9 AFCA@D6\3F:=E 52D93@2C5D U2>Aj E@@=Dk^=:mk^F=m

kAmkDEC@?8mp55:E:@?2= :?7@C>2E:@?k^Am

kAmk^DEC@?8m%96 EC2?D24E:@? H:== 36 67764E65 3J H2J @7 2 >6C86C @7 |6=:@ {:>:E65 2?5 2 ?6H=J :?4@CA@C2E65 H9@==J @H?65 DF3D:5:2CJ @7 )6C@ {:>:E65] r@>A=6E:@? :D DF3;64E E@ 4@?G6?E:@?2= 4@?5:E:@?D AC64656?E E@ 4=@D:?8 :?4=F5:?8 W:X D2E:D724E:@? @7 G2C:@FD 4FDE@>2CJ C68F=2E@CJ 4@?5:E:@?D 2?5 2AAC@G2=D 7@C 2 3FD:?6DD @7 E9:D ?2EFC6 :?4=F5:?8 492?86 @7 4@?EC@= 4@?D6?ED 7@C C6=6G2?E DE2E6 |@?6J %C2?D>:EE6C {:46?46D 2?5 &$ 2?E:\ECFDE 2AAC@G2= Ww2CE\$4@EE\#@5:?@ @C w$#Xj W::X ?@ Q|2E6C:2= p5G6CD6 r92?86Q :? E96 |6=:@ 3FD:?6DD 2?5j W:::X G2=:5 D92C69@=56C G@E6 3J |6=:@ D92C69@=56CD 2AAC@G:?8 E96 >6C86C] pD 2E E96 52E6 @7 E9:D 2??@F?46>6?E )6C@ 92D C646:G65 4@G6?2?ED E@ G@E6 :? 72G@FC @7 E96 >6C86C 7C@> >@C6 E92? E96 C6BF:C65 ?F>36C @7 |6=:@ D92C69@=56CD] )6C@ 92D 28C665 E@ A2J 2 3C62< 766 @7 kDA2? 4=2DDlQI?\>@?6JQm&$Sbf]d >:==:@?k^DA2?m :? E96 6G6?E E92E E96 24BF:D:E:@? 5@6D ?@E 4=@D6 D@=6=J 5F6 E@ 72:=FC6 E@ D64FC6 w$# 2AAC@G2=]k^Am

kAmkDEC@?8mp3@FEk^DEC@?8m kDEC@?8m)6C@k^Am

kAmk^DEC@?8mk2 9C67lQ9EEADi^^4a`a]?6E^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lccdebg`\`U2>Aj9lcde_c_bffU2>AjFl9EEADTbpTauTauHHH]I6C@]4@>TauU2>Aj2l)6C@Q C6=lQ?@7@==@HQ E2C86ElQ03=2?<Qm)6C@k^2m :D 2 8=@32= D>2== 3FD:?6DD A=2E7@C> E92E 96=AD 4FDE@>6CD DFA6C492C86 E96:C 3FD:?6DD 3J 3C:?8:?8 E@86E96C E96 >@DE :>A@CE2?E D>2== 3FD:?6DD E@@=D[ :?4=F5:?8 p44@F?E:?8[ !2JC@== 2?5 !2J>6?ED — @? @?6 A=2E7@C>] )6C@VD A@H6C7F= A=2E7@C> 96=AD 4FDE@>6CD 2FE@>2E6 C@FE:?6 E2D<D[ 86E E:>6=J :?D:89ED[ 2?5 4@??64ED E96> H:E9 E96:C 52E2[ E96:C 2AAD[ 2?5 E96:C 244@F?E2?E @C 3@@<<66A6C D@ E96J 42? 7@4FD @? H92E C62==J >2EE6CD] %CFDE65 3J >:==:@?D @7 D>2== 3FD:?6DD6D 2?5 244@F?E2?ED 2?5 3@@<<66A6CD 8=@32==J[ )6C@ >2<6D =:76 36EE6C 7@C A6@A=6 :? D>2== 3FD:?6DD[ E96:C 25G:D@CD[ 2?5 4@>>F?:E:6D 2C@F?5 E96 H@C=5] u@C 7FCE96C :?7@C>2E:@?[ A=62D6 G:D:E k2 9C67lQ9EEADi^^4a`a]?6E^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lccdebg`\`U2>Aj9lghbaddfdcU2>AjFl9EEATbpTauTauI6C@]4@>TauU2>Aj2lI6C@]4@>Q C6=lQ?@7@==@HQ E2C86ElQ03=2?<QmI6C@]4@>k^2mk^Am

kAmkDEC@?8mp3@FE |6=:@k^Am

kAmk^DEC@?8mk2 9C67lQ9EEADi^^4a`a]?6E^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lccdebg`\`U2>Aj9lagffee_a`fU2>AjFl9EEADTbpTauTau>6=:@A2J>6?ED]4@>Tau4TauU2>Aj2l|6=:@Q C6=lQ?@7@==@HQ E2C86ElQ03=2?<Qm|6=:@k^2m D6CG6D &$ $|qD 2?5 244@F?E:?8 7:C>D H:E9 244@F?ED A2J23=6[ C646:G23=6 2?5 42D9 7=@H >2?286>6?E D@=FE:@?D] w625BF2CE6C65 :? kDA2? 4=2DDlQI?\=@42E:@?Qm}6H *@C<k^DA2?m H:E9 @77:46D :? kDA2? 4=2DDlQI?\=@42E:@?Qm%6= pG:G[ xDC26=k^DA2?m] u@F?565 :? a_`g[ |6=:@ 92D D42=65 C2A:5=J E@ D6CG6 @G6C g_[___ 4FDE@>6CD] |6=:@VD =625:?8 A=2E7@C> :?E68C2E6D H:E9 2?5 >2:?E2:?D A2CE?6CD9:AD H:E9 7:?2?4:2= :?DE:EFE:@?D[ 2==@H:?8 3FD:?6DD6D E@ DJ?4 A2J>6?ED 52E2 2?5 2G@:5 >2?F2= 6?ECJ] |6=:@ 2=D@ 24ED 2D 2 E649?@=@8J D6CG:46 AC@G:56C 7@C G6CE:42= $22$ A=2E7@C>D 2?5 7:?2?4:2= :?DE:EFE:@?D :?4=F5:?8 r2A:E2= ~?6 2?5 $9@A:7J[ 2?5 5:DEC:3FE:@? A2CE?6CD :?4=F5:?8 u:D6CG E9C@F89 2 DJ?5:42E:@? >@56=] %9:D 6?23=6D |6=:@ E@ A@E6?E:2==J C6249 >:==:@?D @7 D>2== 3FD:?6DD6D E@ AC@G:56 6>365565 244@F?ED A2J23=6 AC@5F4ED]k^Am

kAmk6>m%9:D 2??@F?46>6?E 5@6D ?@E 4@?DE:EFE6 2? @776C E@ D6==[ @C 2 D@=:4:E2E:@? @7 2? @776C E@ 3FJ[ 2?J D64FC:E:6D @7 )6C@ :? kDA2? 4=2DDlQI?\=@42E:@?QmE96 &?:E65 $E2E6Dk^DA2?m @C 2?J @E96C ;FC:D5:4E:@? :? H9:49 DF49 2? @776C H@F=5 36 F?=2H7F=] }@ D64FC:E:6D @7 )6C@ 92G6 366?[ @C H:== 36[ C68:DE6C65 F?56C E96 &]$] $64FC:E:6D p4E @7 `hbb[ 2D 2>6?565 WkDEC@?8m&$ $64FC:E:6D p4Ek^DEC@?8mX[ @C F?56C E96 D64FC:E:6D =2HD @7 2?J DE2E6 @C @E96C ;FC:D5:4E:@? @7 kDA2? 4=2DDlQI?\=@42E:@?QmE96 &?:E65 $E2E6Dk^DA2?m] p44@C5:?8=J[ DF49 D64FC:E:6D >2J ?@E 36 @776C65 @C D@=5[ 5:C64E=J @C :?5:C64E=J[ E@ 2?J A6CD@?D :? kDA2? 4=2DDlQI?\=@42E:@?QmE96 &?:E65 $E2E6Dk^DA2?m @C 2?J A6CD@?D 24E:?8 7@C E96 244@F?E @C 36?67:E @7 2 A6CD@? :? kDA2? 4=2DDlQI?\=@42E:@?QmE96 &?:E65 $E2E6Dk^DA2?m[ F?=6DD E96J 2C6 @776C65 2?5 D@=5 :? 2 EC2?D24E:@? 6I6>AE 7C@>[ @C ?@E DF3;64E E@[ E96 C68:DEC2E:@? C6BF:C6>6?ED @7 E96 &$ $64FC:E:6D p4E 2?5 2?J @E96C 2AA=:423=6 D64FC:E:6D =2HD @7 2?J DE2E6 @C @E96C ;FC:D5:4E:@? @7 kDA2? 4=2DDlQI?\=@42E:@?QmE96 &?:E65 $E2E6Dk^DA2?m]k^6>mk^Am

k5:GmkE23=6 3@C56ClQ_Q 46==A255:?8lQ`Q 46==DA24:?8lQ_Q 4=2DDlQAC?344QmkECmkE5 4=2DDlQAC?86?aQ 4@=DA2?lQ`Q C@HDA2?lQ`QmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?QmkDEC@?8mkDA2? 4=2DDlQAC?6HD0DA2?Qmr@?E24EDk^DA2?mk^DEC@?8mk^DA2?mk^Amk^E5mkE5 4=2DDlQAC?86?aQ 4@=DA2?lQ`Q C@HDA2?lQ`Qmk3C ^mk3C ^mk^E5mk^ECmkECmkE5 4=2DDlQAC?86?aQ 4@=DA2?lQ`Q C@HDA2?lQ`QmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qmz2E6 |4{2F89=:? \ r@>>F?:42E:@?Dk^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?QmZec af dbb cdahk^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qmk2 4=2DDlQAC?6HD02Q 9C67lQ>2:=E@i<2E6]>4=2F89=:?oI6C@]4@>Q C6=lQ?@7@==@HQ E2C86ElQ03=2?<Qm<2E6]>4=2F89=:?oI6C@]4@>k^2mk^DA2?mk^Amk^E5mkE5 4=2DDlQAC?86?aQ 4@=DA2?lQ`Q C@HDA2?lQ`QmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qms2?:6==6 |@?E2?2 \ $'![ !6AA6C4@>>k^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qmgde ghh cggak^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qmk2 4=2DDlQAC?6HD02Q 9C67lQ>2:=E@i52?:6==6]>@?E2?2oA6AA6C4@>>]4@>Q C6=lQ?@7@==@HQ E2C86ElQ03=2?<Qm52?:6==6]>@?E2?2oA6AA6C4@>>]4@>k^2mk^DA2?mk^Amk^E5mk^ECmk^E23=6mk^5:Gm

kA :5lQ!&#{Qmk:>8 2=ElQr:D:@?Q 96:89ElQ`aQ DC4lQ9EEADi^^4a`a]?6E^4^:>8^72G:4@?]A?8nD?l}*`fg``U2>AjD5la_ad\_e\acQ E:E=6lQr:D:@?Q H:5E9lQ`aQ ^m ':6H @C:8:?2= 4@?E6?E E@ 5@H?=@25 >F=E:>65:2ik2 9C67lQ9EEADi^^HHH]AC?6HDH:C6]4@>^?6HD\C6=62D6D^I6C@\E@\24BF:C6\>6=:@\2\=625:?8\FD\D>3\3:==\A2J\D@=FE:@?\E@\2446=6C2E6\8=@32=\8C@HE9\b_ach_aeg]9E>=Q :5lQ!#}&#{Q C6=lQ?@7@==@HQ E2C86ElQ03=2?<Qm9EEADi^^HHH]AC?6HDH:C6]4@>^?6HD\C6=62D6D^I6C@\E@\24BF:C6\>6=:@\2\=625:?8\FD\D>3\3:==\A2J\D@=FE:@?\E@\2446=6C2E6\8=@32=\8C@HE9\b_ach_aeg]9E>=k^2mk^Am

kAm$~&#rt )6C@k^Am

kAmk:>8 DC4lQ9EEADi^^CE]AC?6HDH:C6]4@>^CE]8:7n}6HDxE6>x5l}*`fg``U2>Aj%C2?D>:DD:@?0x5la_ad_eac`g_h!#0}t($0&$!#00000}*`fg``U2>Ajs2E6x5la_ad_eacQ DEJ=6lQ3@C56Ci_AIj H:5E9i`AIj 96:89Ei`AIjQ ^mk^Am